Consider a firm operating in a competitive market. The firm is producing 40 units of output, has an average total cost of production equal to $6, and is earning $240 economic profit in the short run. What is the current market price?

In the United States, which of the following safety precautions has the government NOT taken to reduce Bank failures?

A) implemented deposits insurance B) bank reserve requirements C) capital requirements and asset restrictions D) required bank examination E) forcibly closing poorly run banks

The increase in competition in the United States between 1958 and 1988 was not a result of

a. increased imports b. deregulation c. antitrust activity d. penetration of markets by foreign producers e. import quotas